Feb. 28 (UPI) -- Tesla launched the standard edition of its Model 3 electric car and said it would shift all of its sales online Thursday.
The company announced that the $35,000 version of the Model 3 and a $37,000 model with enhanced performance and features are available for purchase.
"Shifting all sales online, combined with other ongoing cost efficiencies, will enable us to lower all vehicle prices by about 6 percent on average, allowing us to achieve the $35,000 Model 3 price point earlier than we expected," the company said.
The $35,000 standard model features 220 miles of range, a top speed of 130 mph and 0-60 mph acceleration of 5.6 seconds, while the $37,000 Model 3 Standard Range Plus offers 240 miles of range, a top speed of 140 mph, 0-60 mph acceleration of 5.3 seconds and "premium interior features."
Tesla added that online customers will be able to return a car within seven days or 1,000 miles for a full refund, which it said would eliminate the need for a test drive.
During a conference call with reporters, Tesla CEO Elon Musk said the company won't turn a profit in the first quarter, but expects it will return to profitability in the second quarter, CNBC reported.
"Given that there is a lot happening in Q1, and we are taking a lot of one time charges, there are a lot of challenges getting cars to China and Europe, we do not expect to be profitable. We do think that profitability in Q2 is likely," Musk said.
Musk said he anticipated demand of more than 500,000 Model 3s a year after it delivered 145,610 of the vehicles in 2018 at higher prices.